Water Intelligence quarterly sales surpass total from last year

Leak detection service Water Intelligence saw sales grow more than 40% in the third quarter of its trading year thanks to a strong performance in all of its business lines.

Sales hit $18.52m for the quarter, topping the $17.62m it recorded for the entirety of 2017, on the back of what it called "consistent sequential quarterly growth".

The AIM-listed outfit told investors on Tuesday that underlying profits before tax were "comfortably in-line with expectations", despite expenses associated with its "significant reinvestment" into reacquisitions of selected territories and technology implementations.

Chairman Patrick DeSouza, said: "We are having yet another good year and we have delivered strong results. However, we are not taking our foot from the proverbial gas pedal."

"There is a big addressable market to attack and our entire team - franchise and corporate - wants to capitalise on the market opportunity."

As of 0930 GMT, Water Intelligence shares were up 7.32% at 308p.